Question

how can we get the missing figeres of a trading account ?​

Answer 1

Answer:

Explanation:

To calculate inventory purchases, subtract your closing inventory from beginning inventory, and then add in the inventory purchases you made during the accounting period, which are part of your cost of goods sold.

Answer 2

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The information which is needed for preparing the final accounts is not directly available from the incomplete records. Hence, we need to find out such missing figures by preparing relevant accounts. Let us learn how such missing figures can be extracted from incomplete records by preparing the relevant accounts. The important ones are discussed below:

1. Calculation of total purchases or creditors in the beginning or at the end of the year.

2. Calculation of total sales or debtors in the beginning or at the end of the year.